Comment re Rule 29

 
TIDMDGT 
 
22 April 2009 
 
Dowgate Capital plc (the "Group", the "Company" or "Dowgate") 
 
On 21 April 2009, Dowgate published its preliminary statement of results for 
the year ended 31 December 2008 in which was contained the following statement: 
 
"Based on the current carrying value of DCS ("Dowgate Capital Stockbrokers 
Ltd") of GBP2.9m and the proposed buy out price of DCA ("Dowgate Capital Advisers 
Ltd") of GBP1.5m, the value of the Group's subsidiaries, ignoring any sale 
premium in the case of DCS, is GBP4.4m equating to just over 11p per share. This 
compares with the Company's share price of 6p at the close of business on 20 
April 2009 and following the announcement of Blue Oar's approach." 
 
For clarification, as stated the above figures are taken from the accounts in 
the case of DCS and from a proposed MBO in the case of DCA. These valuations 
are not connected with Blue Oar's approach and are not prepared in accordance 
with Rule 29 of the Code and should not be relied upon as such. Hence these 
valuations should not be treated as indicative of any price at which the 
Dowgate Board might recommend acceptance of an offer by Blue Oar, if made. 
 
Dowgate Shareholders should take no action in relation to Blue Oar's approach 
until appropriate advice is given by the Board. 
 
For further information please visit www.dowgatecapital.co.uk or contact: 
 
Tony Rawlinson, Chairman    Dowgate Capital PLC             Tel: [phone] 
 
Neil Badger, Director       Dowgate Capital PLC             Tel: [phone] 
 
Philip Secrett/Colin        Grant Thornton Corporate        Tel: [phone] 
Aaronson                    Finance 
 
Isabel Crossley / Chris     St Brides Media & Finance       Tel: [phone] 
Welsh 
 
Dealing Disclosure Requirements 
 
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any 
person is, or becomes, 'interested' (directly or indirectly) in 1% or more of 
any class of 'relevant securities' of Blue Oar or of Dowgate, all 'dealings' in 
any 'relevant securities' of that company (including by means of an option in 
respect of, or a derivative referenced to, any such 'relevant securities') must 
be publicly disclosed by no later than 3.30 pm (London time) on 
the London business day following the date of the relevant transaction. This 
requirement will continue until the date on which the offer becomes, or is 
declared, unconditional as to acceptances, lapses or is otherwise withdrawn or 
on which the 'offer period' otherwise ends. If two or more persons act together 
pursuant to an agreement or understanding, whether formal or informal, to 
acquire an 'interest' in 'relevant securities' of Blue Oar or Dowgate, they 
will be deemed to be a single person for the purpose of Rule 8.3. 
 
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant 
securities' of Blue Oar or of Dowgate by Blue Oar or Dowgate, or by any of 
their respective 'associates', must be disclosed by no later than 12.00 noon 
(London time) on the London business day following the date of the relevant 
transaction. 
 
A disclosure table, giving details of the companies in whose 'relevant 
securities' 'dealings' should be disclosed, and the number of such securities 
in issue, can be found on the Takeover Panel's website 
at www.thetakeoverpanel.org.uk. 
 
'Interests in securities' arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an 'interest' by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to, securities. 
 
Terms in quotation marks are defined in the Code, which can also be found on 
the Panel's website. If you are in any doubt as to whether or not you are 
required to disclose a 'dealing' under Rule 8, you should consult the Panel. 
 
The persons responsible for this announcement are the directors of Dowgate. To 
the best of the knowledge and belief of the directors of Dowgate the 
information in this announcement is in accordance with the facts and does not 
omit anything likely to affect the import of such information. 
 
 
 
END